Gus Fring has decided to take out a loan for a post-doctoral in Chemistry. He expects to graduate 2 years and 6 months later and payments begin 3 months after graduation. He borrowed $15,000 from a federal student loan program at 6.08% interest rate. What will his daily interest rate be?    - answer has to be $2.50  - I dont know what formula to use.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Gus Fring has decided to take out a loan for a post-doctoral in Chemistry. He expects to graduate 2 years and 6 months later and payments begin 3 months after graduation. He borrowed $15,000 from a federal student loan program at 6.08% interest rate. What will his daily interest rate be? 

 

- answer has to be $2.50 

- I dont know what formula to use. 

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